BAT Investor Conference Presentation Deck

£5bn Revenue: Clear Pathway to Profitability Marketing Investment New Category Revenue £1.4bn FY20 BAT NC revenue 1/3 Category growth 2/3 £5bn BAT share FY25 BAT growth* NC revenue 2020 c.80% 2025 c.40% Marketing investment as % of revenue Marketing investment expected to grow But reduce as % of revenue BAT A BETTER TOMORROW New Category Profitability * Volume share in THP, Modern Oral and Value share in Vapour. **Market contribution: Profit from the sales of brands after deduction of directly attributable costs (including marketing) and before allocation of overheads New Categories to be profitable** by 2025 37

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